Butte semi-weekly miner. [volume] (Butte, Mont.) 1886-1890, 1887-06-18


CHICAGO. June 16.-The extra edition q
paper says the indications are tina
Kershaw & Co. will pull through and that .
dozen big failures that were imminent vii
be averted. Wiltshire, of Cincinnati, heat
and front OF the wheat clique with anum
Der of friends is in town with q Dot @
money to back Kershaw. It is said tn,
Cncin"aticrowd will insist before putting u,
that Kershaw's trades shall be reinst ated
to do himself if he chooses. Kershaw sale
Just before the opening of the board thia
forenoon: II will pay my differences to
day and margin to the market. Wiltzshir,
said
KERsHAw HAS THE MONEY
and will 60 through all right to-day. Ther,
was an enormous crown on the floors and
in the galleries of the Board of Trade Ion,
before the opening hour this morning, and
when the bell sounded at $50 roar went
up and the days session began. The first
sales Of wheat we're at 75h for June and 76
for July, which was an advance of Z and
respectively. Soon aftdr the opening Pres.
ident Wright announced the suspension ol
the four small firms of j. H. Youst & Co.,
| B. J. McCleary. 8. s. Orr and Pickering &
Co. The suspension of these firms did not
canse any excitement, as they were IN no
way identified with the clique. At 10
O'Clock the price wss 77A for June and 15H
for July.
PREMATURE REPORT.
(Bulletin.) Kershaw 4 Co. are officially
posted as having failed to 60 through the
clearing house. This means their collapse.
The immediate cause of the failure is due to
Rosenfeldt & Co., who garnished Kershaw's
account in the American Exchange National
Bank. The announcement in regard to
Kershaw u Co. seems not to have been we'll
founded, as that firm is apparently meeting
all claims. Rumors put the amount of
money at their command at q million dol.
lars. The bears are steadily pounding the
market, however, and prices since 10
o'clock have declined-at 1O:16 July wheat
down to 74h, then to 73X and up one
eighth to "a, and at 1850, was 73H. June
option also declined, selling at 75A at
1910 and 70 at 1850, remaining at IS at
L a. m. July advanced again, and at IL
a. N. sold at 732.. The last raid by the
bears
HAS HAD DIsQU1ETING EFFECT
on the board, and there is q renewal of
nervous excitement and the uncertainty of
yesterday and early this morning. This
was probably increased by the rumor that
Kershaw & Co. would margin their wheat
down to 20 cents only. At 1890 the
wheat pit was as quiet as any ordinary
day. The bears made another raid on
July wheat, and it sold down by jumps to
73X to 73k to 70, then up to 73H, and
back again to 70. The pit is once more all
nervous excitement and uncertain. Mem
bers who had sought other pits during the
calm returned to wheat. At 11:2O q. m.
liberal orders to buy wheat were coming in
from outside points and the market is be-
coming stronger. July sold up to "a, and
dency.
Wheat weak and lower, cash TOY; July
72K; August 74%. Corn easy, cash SO;
July 81 August 38. Oats easy, cash 241Es;;
August 25h. Pork steady. cash %. Lard
easier, $40; July 647K; August 657A.
The suspension of s. w. Robinson,
Crafts & Co. has been announced.
IN THE PRESENT UNSETTLED STATE OF AFFAIRS
even men, bers OF firms have no idea how
they stand. Margins are open and trade
is unsettled, and until matters are adjusted
it will be next to impossible to tell how
any firms stand. The excitement in the
pit is increasing and the bears are savagely
raiding the market. At Ills a. M, July
wheat went down to 72X, from there it
dropped to 72K, then to 4 thento Y and
to IL, then to Tx and then on one jump
to II; another drop of half a cent was re.
corded at two minutes past noon when
marked touched 7Oh, then advanced in
Jumps of half cent to 20, 7Oh and II,
then back to TOY and at 1911 p. M, was
Tx for July and 71X for June.
-Four more failures have just been an
nounced on change. The firms are: L. B.
Balling & Co., Crosby & Co., Hibbard
Co. and M. B. Crafts. Balling q Co. claim.
ed to be even on the market. The suspen-
sion of Hibbard & Co. and Crosby & Co.
caused surprise, as both came unexpected
ly. Hibbard & Co. claim to be solvent.
July wheat droppwed to 73A.
THE CLOSING HALF-HoUR
on change witnessed an almost complete
of the intense excitement which
prevailed when July wheat broke to 70.
Shortly after noon the announcements that
Kershaw had failed to meet his clearing
house differences was posted but it seemed
to have little or no effect on prices. Ker-
shaw said he could meet all claims against
the firm if Rosenfeld hadi not garansheed
the money which he checked against there.
nv tvipg up a million dollars which rumOr
says he had to his credit. The following
firms also
HOUSE:
8. D. Eldridge, M. B. Crafts Il Co., H. K.
Matthews, Youst & Briefly, B. J. Nc
Cleary, H. ]. Youst & Co., Hibbard 4 Co.
and Pickering & Co. just before the close
of it's session T. E. Belling d 20. announced
they we're even on market and requested
their trades should not be closed out.
The morning session closed with former
feeling. During the last hour July wheat
fluctuated between 71X@72X, the latter
figure being the highest OF the hour.
THE DAY CLOSED
with prevailing feeling that the worst is
now over. The announcement that Ker-
shaw & Co. will he able to pay their entire
Obligations has caused intense excitement.
THE BREAK IN WHEAT
comes and the excitement OF the Board OF
Trade has had the effect of cutting Oh jor
the time all grain shipments. both for ex-
port and Eastern consumption. Shippers
here are all at sea regarding prices and can
do nothing until the panic is over and
trade settles back into legitimate chan.
mel. 1t ia believed in railroad omces tnat
shipments will not be resumed before the
first Of the week, although all interested
officials agree in the assertion that restor-
:. t;on Of wheat to normal prices will have
the effect to swell the east bound tonnage
for the next three months to double the
usual proportions.
IN THE CIRCUIT COURT
to-day suit was commenced by the failed
6rn, n Rosenfeld & Co. against Wiltshire,
Eckert & Co., OF Cincinnati for 100000.
A deputy sheriff secured service during the
afternoon on Wiltshire while the latter
s+reat Bank. Mr.. Rosenfeld said tonight